By Denny Jacob
Gambling.com Group shares rose 14% to $14.48 on higher revenue in the latest quarter and a raised outlook for 2023.
The stock, which is up about 59% on the year, is on pace for its largest percentage increase since June 2022 and its highest close since November 2021.
Gambling.com, which provides digital marketing services for the online gambling industry, posted net income of $278,000, or 1 cent a share, for the second quarter ended June 30, compared to $56,000, or 0 cents a share, a year earlier. Adjusted earnings were 17 cents a share.
Revenue grew 63% to $26 million from $15.9 million. Analysts polled by FactSet expected $21.8 million.
For 2023, Gambling.com raised its revenue outlook to a range between $100 million and $104 million, up from its prior forecast in the range of $95 million to $99 million.
Chief Executive Charles Gillespie said expected growth in North America will be complemented by an overall expansion of the addressable market as states such as North Carolina and Kentucky introduce sports betting online, as well as iGaming being authorized in additional states.
Write to Denny Jacob at [email protected]